Vodafone Idea booked a smaller net loss in its fiscal Q3 2024 (ending 31 December 2023), as it slashed capex by more than half year-on-year to INR3.3 billion ($39.7 million) and booked continued mobile subscriber losses.

Pointing to the positives CEO Akshaya Moondra noted in a statement that 4G subscribers and ARPU grew consecutively over the past ten quarters.

“We remain engaged with various parties for fundraising to make required investments for network expansion, including 5G.”

Its net loss dropped to INR69.9 billion from INR79.9 billion in fiscal Q3 2023, despite a one-off INR7.5 billion exceptional loss.

Revenue was flat at INR106.7 billion.

Its overall mobile user base fell by 13.4 million to 215.2 million, with 4G subscribers rising 3.3 per cent to 125.6 million.

ARPU rose 7.4 per cent to INR145.

Capex for the first nine months of fiscal 2024 was cut to INR13 billion from INR28 billion in the same period in fiscal 2023.

The outlay for the full fiscal year 2023 was INR33.6 billion.